When someone decides to buy a franchise, there are many questions which need to be asked before they part with their money.
Does the company have a solid reputation? Do you have the required funds to make owning the business licence a reality? Will your bank lend you additional funds to help you get started?
While all these questions are perfectly valid, they fail to touch on another important area which should be explored before you consider taking up a franchise opportunity. This additional area is you.
It is easy to overlook your own skills and qualities when you are researching the opportunities on offer, yet these will act as the most valuable components of your potential success or failure. You need to be sure of your own strengths and weaknesses before sinking thousands of dollars into a franchise.
It may be that the idea of owning your own business appeals to you, but doing it all on your own seems too daunting to consider. Franchising offers you the security of trading under a familiar name, selling a product the buying public already knows about. You are entering a business which, in effect, has already been sweated over and set up for you. All the hard work has been done… right?
Well, not exactly. The groundwork has been laid, yes, but there is still a lot of hard work to be done on your part, and you should be prepared to put in long hours – at least to begin with – if your franchise is to succeed. There can be a lot of money in franchising, but as with all money making ideas, it does not work on its own. Are you persevering enough to see it through?
Alternately, if you like to operate totally on your own, franchising is not likely to be a good choice. You will be your own boss to an extent, but not all the decision making will be down to you. You need to be honest with yourself here – does this work structure appeal to you… or are you put off entirely?
Confidence is another keystone in the world of franchising. If you doubt your own abilities at all, then any success you achieve is likely to be on a small scale. You need to have an unshakeable belief in yourself – preferably one which is backed up by people who know and will support you. No business venture is foolproof, but with an ability to recognise this and a belief that you will eventually succeed, you will be better able to plod determinedly through the hard times in order to reach a higher level of success.
You also need to consider which franchise would suit you best. There are several hundred companies offering franchises to the right people, encompassing many areas of operation – clothing, business services and food outlets, to name but a few.
If you happen to be a vegetarian, then a franchise with McDonalds is probably not a good idea. You need to choose a company which operates in a sector you are familiar with, and one in which you will preferably have some existing skills. For example, if you had some experience in the clothing industry, then you will no doubt possess some useful skills which can be put into a franchise with a company such as Benetton. Monetary input is not the only decisive factor when buying a franchise.
The question of location is another important area to consider. An increasing number of franchisees – especially those with family commitments – are working from home, and you may find the advantages of this kind of franchise would appeal to you more than if you worked in a shop. Travel expenses are virtually non-existent, you don’t have the worry of shop (and home) security when you are in one place or the other, and your working day is much more flexible.
With the help relevant associations in your country can give you (try a search on Google), you will be able to assess whether or not you are the right person to take on a franchise.
If you do have what it takes, and you make the most of the skills and abilities you have, then success in this attractive, rapidly growing and relatively secure sector of the business market may soon be yours.